The story of the Wall Street Crash of 1929

The US unemployment rate soared to over 24% during the Great Depression

The Great Depression was a devastating and prolonged economic recession that followed the crash of the US stock market in 1929.

The Great Depression is one of history's most notable periods of deflation

The stock market crash of 1929 helped trigger a period of deflation in the United States by creating a drastic decrease in the total money supply. Because of the United States' central role in the world economy, virtually every single country was impacted by the recession.

The 1929 stock market crash is a defining example of a financial bubble burst

Fueled by margin speculation and intense optimism, stock prices soared to unsustainable levels before collapsing in late October—erasing billions in market value within days.

Markets have always recovered and hit new highs following crashes

The crash that preceded the Great Depression was the most severe the US has ever experienced. It was 28 times worse than the downturn that followed the Cuban Missile Crisis.

A boom hit after WWI, with consumerism usurping frugality as an American value

When American soldiers returned home after WWI in the 1920s, they found a country ready to spend money, make a home, and indulge in creature comforts after wartime rationing. This uptick in US wealth and production led to job opportunities for advertising experts.

Stand-up became more popular during the Great Depression

The stock market crash of 1929 caused vaudeville theaters to shutter. Audiences were looking for lighthearted distractions from the country’s financial problems, though, and stand-up became more popular, albeit in very different venues.

A timeline of Wall Street's history

Wall Street's historical timeline starts with Wall Street getting its name in the 1600s and ends with details about the Occupy Wall Street movement in 2011.

The Dow Jones Industrial Average was created in the aftermath of a financial crisis

Charles Dow introduced the index in 1896, following the Panic of 1893—a severe economic downturn. The DJIA offered investors a straightforward tool to track recovery and gauge the health of America’s emerging industrial economy.

Why the SEC was started

The Securities and Exchange Commission was created during the Great Depression to restore public trust in financial markets after the 1929 crash. Established in 1934, it enforces transparency, investigates fraud, and protects investors by requiring companies to disclose accurate information and holding violators accountable.

How the Great Depression and end of WWI paved the way for Hitler’s rise to power

The end of WWI was triggered by an armistice that blamed the conflict on Germany and required the financially struggling country to pay reparations. This outraged nationalists and ignited conspiracies that Hitler was able to capitalize on, according to this six-minute video. It was during this financial strain that the Great Depression hit.

The worst US bank runs since 1900

From the Panic of 1907 to the Silicon Valley Bank collapse in 2023, this bank scholar and former Fed official goes into the history of the country's worst bank runs.

1970s New York was viewed by many as a city in decline

By 1975, the city owed $5B to $6B in short-term debt; over a million manufacturing jobs had left the city since the end of World War II. Meanwhile, the murder rate was more than double than 10 years earlier. Graffiti was seen as illegal vandalism perpetrated by unsupervised teenagers and was viewed by some as emblematic of the larger societal decline.

See the world’s largest stock markets in 1900 versus 2023

The US is now home to the world's largest stock market, but that wasn't always the case. This data visualization shows where the largest stock markets in the world were in 1900, then compares that map to the current geographical distribution of stock markets today, based on each country’s percentage share of global market capitalization. See what it looks like by clicking here.

'Rocky Road' was designed to help people cope with the stock market crash

In 1929, ice cream maker William Dreyer marketed Rocky Road as a sweet treat intended to distract consumers from the poor state of the economy. (Some readers may experience a paywall.)

Jazz's popularity inspired a moral panic

When jazz exploded in the 1920s, some believed the music's sudden popularity was the sign of a rotten nation, with one 1920 address at the University of Wisconsin proclaiming, "We are in deadly fear of the Jazz Devil, the demon which is consuming the country." Often, the connections were racialized, with columnists and preachers suggesting that jazz's Black artists were attempting to degrade white America.

The role stories play in mass economic trends like bitcoin, crashes

Economics is dominated by numbers, but stories play a huge role in the emotional shifts seen within macroeconomic trends. For example, bitcoin is not just a cost-benefit winner, but a compelling tale of decentralization and independence. This is a 20-minute summary of Nobel prize-winning economist Robert Shiller's "Narrative Economics."

'Black Wall Street': the affluent neighborhood of Greenwood in Tulsa, Oklahoma, where Black-owned businesses once thrived

A white mob destroyed Black Wall Street in 1921. America also had other "Black Wall Street" neighborhoods in places like Richmond, Virginia.

Retail investing by the numbers

When average Americans began pouring into the stock market, Wall Street wasn’t sure if its new guests were there to stay. But at the end of 2023, Public confidently declared that retail investors “weren’t going anywhere” after 30 million new individuals began buying and selling stock. Download the report to learn more here.

See the celebration at the Berlin Wall as it fell in 1989

In November 1989, East German guards stood down as crowds surged across the nearly 100-mile barrier encircling West Berlin. Thousands celebrated the wall’s sudden irrelevance and collapse. This ABC News report captures the moment’s upheaval and joy.

America’s looming debt spiral

The United States has a debt problem. In 1989, the national debt was almost $3T. As of 2023, that number had ballooned to more than $30T. This video explains why the national debt grew so quickly, and what America's options are going forward. It also explores why the problem is trapped in political gridlock. Watch it to find out more.

Author John Green explains the Gilded Age

The Gilded Age was a time period that stretched from the 1870s until the turn of the 20th century that was colored by rapid industrialization, economic change, and widespread financial inequality. It was named as such because the widespread poverty during this era is often overshadowed by the fact that it was also a golden age for wealthy individuals.

How failures at Versailles Conference led to more racial inequality

Suffering a pandemic and the aftermath of a war that killed 50 million, the world in 1920 faced a turning point as it negotiated a new political order. As today, the key issue was racial inequality.

The story of Boeing's unraveling

Long lauded as one of the world's greatest aviation companies, Boeing has taken a nosedive in the last decade after major mass casualty crashes of its planes and high-profile scandals, which have led to numerous investigations, the temporary grounding of some of its planes, and a huge hit in its value. Listen to this first episode of a series telling the story of Boeing's fall.

100 years of NFL history in under four minutes

Founded in 1920 in Canton, Ohio, professional football has grown into the premiere sport in the US. Generating more than $20B annually, the NFL gained significant popularity after merging with the American Football League in 1970, a move which among other things established the Super Bowl.

Time magazine ran a cover story titled 'The End of the World as We Know it?' in January 1999

In January 1999, Time published a dramatic Y2K cover with apocalyptic imagery and dire headlines. The portrayal likely exacerbated public fear and magnified the crisis in the popular imagination, turning a technical issue into a cultural panic.

The United States has had a tumultuous relationship with Cuba since its 1959 revolution, highlighted by a nuclear crisis and a decades-long trade embargo.

Roughly 43 million US borrowers owe roughly $1.7T in student debt, the second-largest source of consumer debt behind mortgages.

Discover the catastrophic consequences of a failure of the US electrical grid—something that is more likely than many Americans think.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

View the ten deadliest tornadoes in US history.

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

The name 'Silicon Valley' arose from the founding of Shockley Semiconductor Laboratory in Fairchild Semiconductor in 1956-57, founded near Stanford University in Palo Alto

Watch a 1934 short film starring jazz legend Cab Calloway, a major figure in the Harlem Renaissance's music scene

70 years ago today, city officials in Santa Cruz, California, banned rock 'n' roll to protect its youth from corruption after witnessing a 'provocative' concert the night before.

'Saturday Night Fever,' the 1977 film that introduced disco to the mainstream, was based on a fabricated magazine story.

The US first hosted the World Cup in 1994, a tournament that lives in soccer infamy for its poor planning and the murder of Colombian player Andres Escobar, who'd accidentally scored on his own net.

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

An initial public offering or 'IPO' is the process of a private company becoming public by putting shares of the company on the stock market for purchase.

In 1939, baseball star Lou Gehrig delivered his inspirational 'Luckiest Man' speech after retiring due to the health condition that now bears his name.

The American Society of Civil Engineers' infrastructure report card gave the US a C in 2025, its highest grade since the project launched in 1998.

Fireworks make a loud booming sound after exploding due to air expanding faster than the speed of sound.

For centuries, Niagara Falls has been a magnet for daredevils seeking to conquer one of nature's most powerful wonders, with its 200-foot drop and water rushing at 32 feet per second with 280 tons of force.

When a Paris department store hesitated to sell Estée Lauder's perfume, she 'accidentally' broke a bottle, causing the smell to spread throughout the store and shoppers to start asking to buy the scent.

20,000 letters to the advice columnist 'Dear Abby' provide insight into prevailing sex, religion, and LGBTQ fears, anxieties, and concerns from the 1950s onward.

The Nasdaq's 'Magnificent 7' companies are responsible for roughly 40% of the Nasdaq 100 index's gains, while the remaining 93 companies account for the other 60%.

The 19th-century painters of the Hudson River School were among the first American romantics, with portraits that displayed the natural beauty of the young country.

Dorothy's famous entrance into Oz in 'The Wizard of Oz' relied on analog tricks, including a body double and sepia-toned paint, as much as it did on technology

The American cockroach is actually from Africa, an apparent hitchhiker aboard ships carrying enslaved people, with evidence suggesting the bug may have arrived in the New World as early as the 1600s.

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

Domino's Pizza's 30-minute delivery guarantee was responsible for the chain's 1980s surge, but it was discontinued after the company was found liable for delivery driver accidents.